Lahore – 18th July, 2022: After successfully obtaining the In-Principle Approval from the State Bank of Pakistan for an Electronic Money Institution (EMI) license, YAP Pakistan has now entered into a strategic partnership with Faysal Bank to introduce digital financial services through the Fintech Express program. This marks the first step towards YAP’s pilot phase.
Faysal Bank’s Fintech Express program is focused on identifying and fostering fintech startups with promising, high-potential innovative technologies from Mastercard and facilitating these companies in developing seamless digital payment journeys.
YAP Pakistan’s primary objective is to revolutionize the banking industry through the provision of dynamic, intelligent and easy-to-use digital financial products and services. This collaboration will enable both entities to accelerate their missions of promoting financial inclusion and digitizing the banking ecosystem of Pakistan.
The agreement was signed by Meharyab Niazi, CEO YAP Pakistan and Mr. Yousaf Hussain, CEO Faysal Bank Limited.
Speaking at the signing ceremony, Meharyab Niazi, CEO YAP Pakistan shared:
“Obtaining the In-Principal Approval for our EMI license was a critical first step as we work towards a more digitally inclusive world; encouraging financial inclusion only paves way for us to reach our real goal that is to improve quality of life by providing access to essential financial services. YAP is committed to bringing digital financial services to underserved communities as a way of reducing inequality, promoting prosperity, and empowering individuals. We are thrilled to be partnering with Faysal Bank in Pakistan and hope to use technology and innovative products to create value for our customers.”
Adding on the occasion, Mr. Yousaf Hussain, CEO, Faysal Bank Ltd. said, “Faysal Bank wants to be the cornerstone of the digital product revolution in Pakistan. We are eager to create partnerships with EMI and Fintech and further support State Bank’s financial inclusion initiative in Pakistan. Faysal Bank’s agreement with YAP demonstrates our commitment to facilitate FinTechs and startups in Pakistan.”
YAP is redefining the fintech sector in the Middle East, Africa, and South Asia by creating smarter and faster financial tools. The app offers a suite of versatile features such as analytics and budget tools, card controls, easy money transfers, real-time notifications of purchases, virtual cards and more. With an extensive database of resources at their fingertips, users can go from financially inexperienced to expert money managers.
Faysal Bank Limited was incorporated in Pakistan on October 3rd, 1994 as a Public Limited Company under the Companies Ordinance, 1984. The Bank’s shares are listed on Pakistan Stock Exchange. Faysal Bank is engaged in Commercial, Retail, Corporate and Islamic banking activities. Faysal Bank’s footprint now spreads over more than 220+ cities. As of 27th June 2022, the bank has a network of 625 branches of which 620 are Islamic banking branches.